FTC Chairman Lina Khan testifies at a House Energy and Business Innovation, Data and Commerce Subcommittee hearing on “FY 2024 Federal Trade Commission Budget,” Tuesday, April 18, 2023 at the Rayburn Building.
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FTC prepares to file for injunction to block microsoft proposed acquisition Activision Blizzarda source familiar with the matter told CNBC.
The FTC had already sued to block the $68.7 billion acquisition, but opted to take the case to its internal administrative law judge. Through a trial-like process, the ALJ will make a preliminary decision, which can be appealed to a full committee vote. After that, Microsoft can appeal to federal court if the decision doesn’t meet the requirements.
By filing for an injunction, the FTC is trying to prevent the acquisition from closing before the deal’s deadline of July 18. The case will be referred to the ALJ in August.one appeal A decision by Britain’s Competition and Markets Authority to block the merger is also scheduled for this summer, shortly after the takeover deadline.
Microsoft told CNBC it welcomes the injunction because it would bring the case to a federal judge more quickly.
Shares of Microsoft and Activision Blizzard were roughly flat on Monday afternoon.
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